John McAfee's 'Unhackable' Bitfi Wallet Got Hacked -- Again (techcrunch.com)
Earlier this month, computer programmer John McAfee released "the world's first un-hackable storage for cryptocurrency & digital assets" -- a $120 device, called the Bitfi wallet, that McAfee claimed contained no software or storage. McAfee was so sure of its security that it launched with a bug bounty inviting researchers to try and hack the wallet in return for a $250,000 award. Lo and behold, a researcher by the name of Andrew Tierney managed to hack the wallet, but Bitfi declined to pay out, arguing that the hack was outside the scope of the bounty. TechCrunch is now reporting that Tierney has managed to hack the Bitfi wallet again. An anonymous reader shares the report: Security researchers have now developed a second attack, which they say can obtain all the stored funds from an unmodified Bitfi wallet. The Android-powered $120 wallet relies on a user-generated secret phrase and a "salt" value -- like a phone number -- to cryptographically scramble the secret phrase. The idea is that the two unique values ensure that your funds remain secure. But the researchers say that the secret phrase and salt can be extracted, allowing private keys to be generated and the funds stolen. Using this "cold boot attack," it's possible to steal funds even when a Bitfi wallet is switched off. Within an hour of the researchers posting the video, Bitfi said in a tweeted statement that it has "hired an experienced security manager, who is confirming vulnerabilities that have been identified by researchers."
What more can you say?
I am Slashdot. Are you Slashdot as well?
What's the point of advertising bounties if you don't honor them?
3. Profit!
2. ???
1. On Soviet Slashdot, a Beowulf cluster of alien Natalie Portman overlords welcomes YOU!
No software and no storage?
How is it supposed to store and encrypt anything?
Is that the same McAfee who got stuck on some bad drugs a while ago and was in the news for some statements of similar sanity?
bickerdyke
But that's what you get form most of the "bounty programs" these days. They have no honor.
sudo rm -r -f --no-preserve-root /
How can you do a project like this without an experienced security manager on the team. This statement to me is a huge red flag about how they develop product.
If it is designed for a computer (a man made machine) to read the data and decrypt the data to be shown and used then there is a way to hack it. The best we can get is having it secure enough, to make mass production of the hack impossible or just expensive and performing such hack being a time consuming process.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
...but not having one on board didn't stop them from calling their device unhackable.
How did the old truism go again? As soon as the hacker has access to the hardware, you've LOST.
...but not having one on board didn't stop them from calling their device unhackable.
You do know who was making the claims don't you? He doesn't exactly have a stellar relationship with the truth.
I am Slashdot. Are you Slashdot as well?
All I'm saying is, Tierney needs to make sure that McAfee doesn't move in next door. We all know how that turns out.
The only thing necessary for evil to triumph is for it to be pitted against a slightly greater evil
Who in the world took him seriously?
If you walk around with a physical crypto-wallet, somebody is going to forcibly take it from you and worry about getting to the contents later. It doesn't really matter whether it is "hackable" or not because once somebody steals the wallet, you don't have the crypto-currency anymore. Even if it were "unhackable" (probably a laughable statement), it's like walking around with a locked briefcase full of cash. Everybody can see you have it if you get robbed, you're out the money, even if the perpetrator never manages to open the briefcase.
...is what's keeping the researcher from obtaining it?
No, they won't send them out to anybody even when people order/request them.
The only thing necessary for evil to triumph is for it to be pitted against a slightly greater evil
Ah, so it runs on magnets.
#DeleteFacebook
He also doesn't have a stellar relationship with neighbors.
I don't own a bitcoin wallet so that says it all regarding my competence, but what about buying -for about the same price- one of these open-source hardware, open-source software keys that the German Nitrokey build, originally for storing cryptography signature but now they embark Gbytes of encrypted storage on various internal volumes, one of them hidden with even plausible deniability?
H.
Herve S.
More like ShitFi Wallet, amiright?!?
If I were the security researcher in this story, I would just publish every hack of anything McAfee as a zero-day, and tell McAfee that that will stop when they pay the promised bug bounty... on BOTH bugs, (or all of them,) with interest.
The interest I would charge would be 100% per day. Each. Meaning, pay now, because tomorrow will cost you double. Oh, and I would apply continuously compounding interest.
Also, as an aside, I am never using anything in any way connected to McAfee. Ever. Because obviously they SUCK.
"If someone can acces, anyone can."
This is the first law of security. You can make unauthorized access difficult, but never impossible.
Nae king! Nae laird! Nae yurrupiean pressedent! We willna be fooled again!
No.
McAfee is, however, refusing to send out this version and then claiming no one is meeting the terms of the bounty
Even a 5-year-old could understand that sentence correctly.
I like your thoroughness in design but I'll accept a little bit of insecurity in my voting machines if I know I can audit them. See https://en.wikipedia.org/wiki/... This means I can check that my vote was cast and counted correctly. Assuming some people check their personal vote then the probability of multiple invalid votes being cast or votes being altered becomes vanishingly small.
there is significant intrisic value in not having to rely on the banks to store the digits of your financial value, or decide how and who you conduct financial transactions with.
Economics 401.